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I I .f I \ . . 1 ~:;I1o,^ln on the (Jri,ph. The interest cost is shown at the top of ;> the plot so that it doesn't ci1mouflage the smaller costs such ] ~~ rp[)lacl~ments nnrl ttlC storng~ units irrigntion I)rincip~l 4 payments. ^vailable revenues, however, are actually applied 5 tow."ld the interest costs ,'5 soon i1S the Clnnunl expenses nre 6 pnid and before other pAyments nre mnde. The inndequacy of the 7 C1Hrpnt rate becomes pvl(1ent in ;>0;>0, which means that the 8 investment is mnde 50 or more yenrs previously, that is in 1970 9 or earlier cannot been repaid within the time permitted while 10 PilyineJ 21] 1 tIle other expr.nses incurrerl. ] I '1'llc ilverDCjp ("lnnull] cost incrf'i',ses that h~lve occurred ];> between the 1977 and 19B1 studies affect all the mnjor cost 13 catn~orjes. The averA1e cost for each study covers the period 14 from fiscal year ]~7B through the rate setting point. ] ~ PeLween the ]977 and ]9B] studies, An average annual cost ]~ increase of ahout 75 million dollars has occurred. The major ]7 portion of the increns is due do higher 0 and M costs -- ]8 almost ~3 percent of the incrense. Power investments account ]9 for IG percent, aid to participating projects about 11 percent, 20 10 percent for interest, about 8 percent for replncements nnd ;>1 anoth0r;> perr.ent for other misce]],lncouS costs, primnrily ;>;> energy purchnses, 23 The hasis for the 0 and " ""st projections was chnn'l('ci 24 hetween the 1977 and 1981 studies. The 1977 study projected /.~) cost increrlsPfj for 1 ypr'rs only ('1t nn flv0riHJe tlnnuill r~te of 3 11 Intermountain Court Reporters ?,";1-11nr;